How To Use Growth Marketing Tests To 10x Your Results
A bit of free advice for you today (wait…all the advice in this email is free): When it comes to marketing, pick your target audience, and hyper focus your efforts on that audience. That’s what Noah Kagan says, at least. Noah is a dude who knows marketing, and one of our favorite marketers.
When we found out that he joined the Actionable Marketing Podcast to talk about picking your target audience, A/B testing, and growth marketing, we had to listen in. We’ve got the full scoop for you today. Here are our show notes, but we think you really should tune into this one…
- (04:40) Growth hacking isn’t a thing. You can’t think of your marketing as a series of hacks.
- (05:24) Growth marketing is about finding channels that haven’t been fully utilized and abused as an opportunity for growth.
- (06:13) A great example of growth marketing is from Groove HQ. They took a different approach to blogging by setting a company goal of getting $100k in monthly revenue. Their blog posts focused on their path to hit that goal, and they were totally transparent.
- (06:48) Most growth attempts will fail. But the ones that work, will really work.
- (09:05) Noah uses a “proactive dashboard” to test growth marketing. You’re gonna wanna listen in here.
- (12:22) As marketers, we need to accept failure and just stop doing things. If everyone is using Instagram, but it isn’t working for you (and you’ve truly tested it), just stop.
- (14:20) Noah recommends having a specific time each week to ask your team, “What can we stop doing?”
- (17:20) When it comes to creating content, figure out what you can do differently from your competitors. Example: Sumo.com only publishes research on other companies’ marketing approaches.
- (18:36) You need to write two types of articles: one for social and one for search. Those are different goals.
Still another 14-minutes of marketing-packed insights from Noah. Listen now…
The $1,000 Experiment: Which Facebook Campaign Optimization Type Works Best
Facebook advertising can be such an excitingly tricky platform. Exciting because you can directly cater to business goals and reach a niche audience. Though, trickiness comes in as one overlooked toggle can really fudge results.
And there’s a ton of how to’s, do this not that, and best practices out there. We’re sayin’ take the FB guru’s advice as more of a suggestion. Kinda like stop signs. The only way to truly understand what works is to test for yourself.
Today, we’re walking through the tiniest but most impactful decision when trying to optimize for FB ads. AdEspresso brought up one awesome question, “Does your optimization choice really make a difference to the results?”
Their team scientifically measured four of the widely used optimization types which are conversions, link clicks, engagement, and reach with a $1,000 ad budget. AdEspresso defined a hypothesis, listed expectations, and goes through their process step by step.
Here’s the set-up:
- One campaign per optimization
- $250 per campaign (over 7 days)
- One ad and ad set per campaign
- Audience: US 1% Lookalike of existing AdEspresso customers
- Placement: mobile only
- Optimization majorly influences campaign outcomes. During their test, AdEspresso saw a 10 x’s difference in cost per thousand impressions and cost per lead. For example, impressions resulted in about 60K ($44.25 CPM) when optimizing for Reach, while Conversions only saw a little over 5K impressions ($47.18 CPM).
- If you want leads, make sure pixel tracking is set up. And set it up correctly. This should go without saying.
- Define a goal before going all in. What results are you hoping to accomplish? Let’s say you set up a traffic campaign. You keep the optimization to link clicks but are sending people to a landing page. This means theoretically, someone could click on the ad multiple times and have a high influence on Traffic. But, maybe that same person only went to the landing page once then that’s all the FB pixel will pick up.
- Don’t be afraid of underperforming secondary metrics. This means you should expect a high volume of leads married to a much lower reach.
Check out the full experiment, you know what to do!
Pet Friendly Prices
Argentinians live with rising prices on a daily basis because of high inflation.
Many retailers are doing what they can to ease consumer pain. They’re offering discounts and promos like they’re candy. One company, in particular, is taking a very unusual path. And it definitely caught our puppy lovin’ attention.
Sodimac Homecenter, a Chilean home improvement warehouse store chain, launched a campaign that invites pet owners to bring their furry buddy into their store. These canine guests of honor have a special mission. Sodimac employees sprayed the label of best-priced items with bacon, chicken, and ham scents. Placed throughout the store, any pup that walks in can put the sniffer to work and look for bargains.
Sodimac reported a high positive response from the campaign. From a 14% increase in weekend sales to a 22% increase in sales on products with usual low rotation.
We gotta lend credit where credit is due. This is one out-of-the-box concept.
“There are no magic wands, no hidden tricks, and no secret handshakes that can bring you immediate success but with time, energy, and determination you can get there.”